Tidewater Sells Tugs to Crosby Marine

Tidewater Inc. on Thursday announced the closing on the sale of ten offshore tugs for a total cash price of $31.5 million. The culmination of this transaction results in an approximate $24 million pre-tax financial gain, or $.27 per common share after tax.

The company previously announced that it had entered into a definitive agreement with Crosby Marine Transportation, LLC to sell a total of 14 offshore tugs. The balance of the four tugs covered by the definitive agreement, with a total sales price of $13.3 million, should close over the next four months as current charter contracts to which the four tugs are subject to expire.

Parks Paton Hoepfl & Brown, who served as financial advisor to the company, commented, "This transaction was a good one for both parties - Tidewater received a fair price for the vessels and Crosby Marine acquired quality assets that are a good strategic fit for its operations."

Tidewater Inc. owns over 515 vessels, the world's largest fleet of vessels serving the global offshore energy industry.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
SharePoint Project Manager
Expertise: IT - Programming & Database|Project Management
Location: Houston, TX
 
Commercial Director - Terminals
Expertise: Business Development
Location: South Carolina, 
 
Asset Integrity Manager
Expertise: Asset Management|Project Management|QA / QC / Inspection
Location: Pasadena
 
search for more jobs

Brent Crude Oil : $54.46/BBL 0.96%
Light Crude Oil : $51.68/BBL 1.21%
Natural Gas : $3.44/MMBtu 1.99%
Updated in last 24 hours